How businesses can thrive in the crypto economy
If you don’t want your business to become irrelevant in your hands (within the next few years), listen up. We have spoken to many partners, and trust us when we say, a good majority of them have only started to catch up with the idea of startups, and running A/B testing for their marketing campaigns.
When we threw the idea of blockchain at them, many told us to slow down, and even after a thorough explanation — they still didn’t catch on, and thought it was irrelevant. We think, you either will thrive in this crypto economy, or you won’t. To be honest, it is not too difficult for the many startup founders out there to catch up.
Automation is a must, not an aspiration
There are no shortage of companies (even startups) who fail to automate. Given huge growth targets, they often alleviate their pain points by hiring more people. While this works, it is only for the short run. Huge manpower requires even more manpower to oversee, manage, and that’s not including hidden costs such as inefficiencies, mistakes, healthcare and salary increments.
Automation does not mean phasing out the human component, but it generally means introduction of processes to reduce human decision making into many steps — based on logic and results. The reduced need for decision making process, will lead to specialization in various tasks — somewhat similar to what Henry Ford did for the manufacturing process when he introduced the assembly line.
Decentralize to be more efficient
Automation will eventually lead to decentralization of decisions. Now, your managers are free to make decisions, and solve problems in a decentralized manner — one that does not require long meetings, and “final calls” from the head of department. This is achieved when the information needed for decision making is available “live” and on the go.
That way, the company does not come to a grinding halt, when something untoward happens to one department. Decentralization also opens up doors for your company to go global — your workforce can be anywhere in the world, as long as they have access to the internet. Think about the savings you can introduce to your company if you can have the best talents, for the lowest prices — without the need to sit all of them in one location.
Conclusion: focus on building, not firefighting
As real entrepreneurs, we are often faced with multiple issues pertaining to managing a company. Startup founders often engage in daily “firefighting” — work permits, hiring, and training are just the tip of the iceberg. Automation and decentralization can solve these pain points. As entrepreneurs we should always focus on the key thing: delivering real services and serving real needs.
This is the real reason why businesses who embrace blockchain, will be the next big thing.
The future corporation will see a leaner, more specialized workforce, but hopefully happier employees as well — when you consider not having to travel to work. At least that’s one thing to aspire towards.
Originally published at centive.org on August 14, 2018.
